The China Banking and Insurance Regulatory Commission (CBIRC) and the People’s Bank of China (PBC) released a notice clarifying that loans for affordable rental housing projects shall be excluded from real estate loan concentration management. Banking institutions are encouraged to scale up support for affordable rental housing based on the principles of compliance with laws and regulations, sound risk management, and commercial sustainability. Additionally, certain Chinese authorities jointly issued the development plan for financial standardization during the 14th Five-Year Plan Period. These authorities are PBC, CBIRC, the China Securities Regulatory Commission, and the State Administration for Market Regulation.
The development plan clarified the guidelines, basic principles, main objectives, key tasks, and supporting measures for advancing standardization of the financial sector with coordinated efforts during this five-year period. The development plan outlines seven key tasks:, as part of which the Chinese authorities will
- improve the standards of financial risk prevention and control and financial statistics, enhance the standards of financial consumer protection, and ramp up the support of these standards for financial regulation.
- focus on improvement of the green finance standard system, effectively develop the standards for inclusive finance, and enhance the standards as a guarantee for industry chain and supply chain finance.
- steadily advance the development of fintech standards, systematically improve the standards for financial data elements, and advance the standards for financial information infrastructure; they will also strengthen the standards for the protection of financial cyber-security and develop standards for safe and controllable core information technologies in the financial sector.
- accelerate the application of advanced international financial standards and actively participate in international financial standardization.
- improve the supply structure of financial standards, strengthen their application, foster service industries for financial standardization, and promote the coordinated development of standard testing and certification.
- optimize the operating mechanism of financial standardization, enhance the standardization capacity of financial institutions, promote the digital transformation of financial standardization, and strengthen the talent pool for financial standardization.
- improve the financial infrastructure standards, steadily advance the development of standards for securities and futures, enrich gold market standards, and expand and upgrade insurance market standards.
Keywords: Asia Pacific, China, Banking, Insurance, Securities, Lending, Real Estate Loans, Credit Risk, Fintech, Regtech, Digital Finance, Cyber Risk, CSRC, CBIRC, PBC, Sustainable Finance
Previous ArticleCMF Issues Regulations on Submission of Credit Information
The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.
The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).
The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.
The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).
The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.
The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).
HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.